The confederation of Real Estate Developers’ Association of India (Credai) said the reforms in the property industry is bringing in more transparency and setting up a govt body would boost FDI by at least 22 times in this sector.

The new laws shown in the upcoming Bill would be acceptable to all the global investors. The inflow of funds which is more than $230 million every year can surge to 20-25 times every year.

The infusion is mainly from the US, Europe and Gulf countries for setting up of large residential complexes across India.

The forum is conducting a Conclave to sort out various issues and problems in the realty sector. The policy makers and firms from this sector have been invited to the meeting, where new norms will be framed to overcome the problems.

The Real Estate Bill, 2013, seeks to set up a governing body to protect the buyers and promote the sector. The Bill was tabled in the Monsoon Session of the Lower House and has been sent to a standing panel for further proposals.

The formation of a governing body will address the disputes and renovate the image of the sector, which has taken a blow in the past few years amid reports of counterfeit and delays in property transfer by the builders.

About $45 billion infusion is required for the realty sector. The support from the govt is not sufficient; India needs huge foreign investment for better growth.